Market Drivers

What is most advancing the need for AI technology is an explosion in the volume of available data. In 2013, IBM estimated that 90% of the data in the world was created in the two preceding years. As large as this amount is, by some estimates, it is projected to grow another 50X before 2020. Some experts even speculate all the data generated by the Internet of Things (IoT) will outstrip the amount of available data storage worldwide. Given the amount of data being collected, if AI did not exist, it would have to be invented.

Furthermore, advances in processing technology has allowed algorithms to process immensely more data in less time. The advent of cloud computing has provided a cost-effective, scalable platform for the task and made it affordable for more vendors to offers services, thereby expanding the market.

Moreover, while AI algorithm development has proceeded over the last 50 years in fits and starts, the momentum has picked up again dramatically over the past 18 months. New advances and techniques in deep learning (DL), the best performing AI technology, are emerging at a rate of one every two months, and this pace is likely to accelerate in the future.

Furthermore, industry executives at the AI Summit event in September 2017 noted that AI software developers can earn six figures coming straight out of college, with salaries reaching seven figures for experienced, top-flight talent. It is clear that AI is attracting some of the best engineering talent available.

At the exact same time, work is being done to reduce the number of machine instructions required to execute AI algorithms, and the underlying hardware can process these instructions faster and faster. The result is a virtuous circle where more data can be processed more quickly, creating more value, which, in turn, creates a demand for more data that is more valuable to analyze.

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